Fannie Mae 2009 Annual Report Download - page 53

financial condition may differ, possibly materially, from the anticipated results and financial condition
indicated in these forward-looking statements. There are a number of factors that could cause actual
conditions, events or results to differ materially from those described in the forward-looking statements
contained in this report, including, but not limited to, the following: our ability to maintain a positive net
worth; adverse effects from activities we undertake to support the mortgage market and help borrowers; the
conservatorship and its effect on our business; the investment by Treasury and its effect on our business; future
amendments and guidance by the FASB; changes in the structure and regulation of the financial services
industry, including government efforts to bring about an economic recovery; our ability to access the debt
capital markets; further disruptions in the housing, credit and stock markets; the level and volatility of interest
rates and credit spreads; the adequacy of credit reserves; pending government investigations and litigation;
changes in management; the accuracy of subjective estimates used in critical accounting policies; and those
factors described in this report, including those factors described in “Risk Factors.”
Readers are cautioned to place forward-looking statements in this report or that we make from time to time
into proper context by carefully considering the factors discussed in “Risk Factors.” These forward-looking
statements are representative only as of the date they are made, and we undertake no obligation to update any
forward-looking statement as a result of new information, future events or otherwise, except as required under
the federal securities laws.
Item 1A. Risk Factors
This section identifies specific risks that should be considered carefully in evaluating our business. The risks
described in “Risks Relating to Our Business” are specific to us and our business, while those described in
“Risks Relating to Our Industry” relate to the industry in which we operate. Refer to “MD&A—Risk
Management” for a more detailed description of the primary risks to our business and how we seek to manage
those risks.
Any of these factors could materially adversely affect our business, results of operations, financial condition,
liquidity and net worth, and could cause our actual results to differ materially from our historical results or the
results contemplated by the forward-looking statements contained in this report. However, these are not the
only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to
be immaterial also may materially adversely affect our business, results of operations, financial condition,
liquidity and net worth.
48